Unless they adapt, print newspapers have around a decade before digital media unequivocally puts them out to pasture, says James Tyree, the investor who bought the Chicago Sun-Times‘ publisher out of bankruptcy late last year.
Talking with Bloomberg BusinessWeek, Tyree says the newspaper industry must innovate or go out of business.
He also says he doesn’t see a bottom in advertising revenues for 2010:
“Our plan was for a continued decline in advertising. If it ever levels off, I am going to be the happiest guy you’ve ever seen.”
Tyree bought the Sun-Times‘ publisher in October 2009 after the company spent a half a year in bankruptcy. He says he’s looking into possibly raising the paper’s newsstand price, but doesn’t think a pay wall is a workable option for the paper.